Menelaos Kyprianou: Generalised accusations against our country should not be tolerated

"Generalised accusations against our country should not be tolerated, especially from parties that have their own interests to serve," explains the managing partner of the law firm Michael Kyprianou & Co LLC, Menelaos Kyprianou.

He stressed that allegations made against of our country and which diminish us, should be dealt with immediately and vigorously, wherever they come from.

Speaking to InBusinessNews as part of its IN Business Forecasting 2024 series, Kyprianou emphasises that more systematic and effective promotion of Cyprus abroad is of critical importance for the services sector, with an emphasis, in view of the known recent negative events, in that we implement the rule of law, creating an environment in which an investor can feel safe.

As he further points out, we should become even more attractive in attracting investment from specific sectors of the future, such as technology and green growth.

Regarding his forecasts for the Cyprus economy, Menelaos Kyprianou notes that due to the constantly changing geopolitical developments, definite predictions cannot be made. In this regard, he expresses the hope of verifying the official government data, according to which it is estimated that our economy in 2024 will register a positive growth rate with a corresponding impact on the labour market.

Referring to the law firm Michael Kyprianou & Co LLC, the managing partner of the firm defines its main goal as the continuation of providing high-level services, while he expresses the hope for further expansion of the network of offices that the firm maintains abroad.

How do you see the economic environment shaping up in 2024, in light of inflationary pressures, high interest rates and unpredictable ever-changing geopolitical developments?

You quite rightly refer to the ever-changing geopolitical developments and I think precisely because of these, definite predictions cannot be made.

We are of course keeping to the official government data which we hope to verify and according to which it is estimated that our economy will record a positive growth rate with a corresponding impact on the labor market.

Of course, the upgrades made by international rating agencies regarding their assessment of our creditworthiness are also noteworthy.

More generally on the subject, I would say that recent international events confirm that some things in the economy (and in life) are out of our control. What we can and should do is to focus on the issues that are within our control for the continuous improvement of our economy.

Such as further improving the public service, simplifying procedures and fighting red tape, improving and simplifying our tax system and digital transformation.

Also the promotion of renewable energy measures and of course finding a way to utilise natural gas.

The service sector

What do you think will be the course of the sector in which you operate in 2024?

As in relation to the general economy, so of course also in relation to the service sector, there will always be external factors that will exert negative effects. What we can and must do is, with consistency and discipline, focus on what is within our control to influence.

Critical to the services sector is a more systematic and effective promotion of Cyprus abroad with an emphasis, in view of the known recent negative events, that we are implement the rule of law creating an environment in which an investor can feel safe.

Generalised accusations against our country should not be tolerated, especially from parties that have their own interests to promote. Claims made against our country that diminish us should be dealt with immediately and forcefully, wherever they come from.

Completing the judicial reform including the operation of the commercial disputes court will also take us important steps forward.

For Cyprus to become a reliable center for the resolution of international disputes is a perfectly achievable goal due to our legal system (civil law) and, above all, the level of lawyers we have but also in general the very high level of education of our citizens.

It is also important to proceed with the conclusion of further international agreements with countries where there may be synergies and cooperation in the field of investment. We should become even more attractive in enticing investment from specific sectors of the future, such as technology and green growth.

Law firm Michael Kyprianou & Co LLC

What are the plans and strategy of the law firm Michael Kyprianou & Co LLC for 2024?

Our main goal remains to provide high-level services that add value for our customers and that are also socially beneficial.

It also remains an ongoing goal to improve our internal modus operandi and rules to operate in as transparent and meritorious a manner as possible. Let each of our lawyers know that in our company there is a clear promotion plan and that it is solely up to him how far he wants to go.

At the same time, we will continue to provide continuous training and support especially to our new lawyers.

Finally, we will continue our intensive efforts to promote our country abroad. We are already spending significant funds for this purpose and will continue to do so by organizing conferences in Cyprus and abroad, writing articles in international publications, but also through the network of offices we maintain abroad, which I hope we will be able to expand further.

Artificial intelligence is a useful tool for lawyers

Factor technology, such as artificial intelligence, what role does it play and what changes is it expected to bring about in your field?

Artificial intelligence already plays a very important role in the work of a lawyer, saving time and helping him avoid mistakes when handling certain tasks of a more procedural nature.

It is already used for legal research, writing letters and even contracts. Judges abroad are even using artificial intelligence to help them, before sentencing a convicted person, assess his risk of re-offending in the future.

So artificial intelligence is already and will increasingly be a very useful tool in the hands of a lawyer. But it is not in a position, at least today, to replace a lawyer in its more complex tasks, which require the exercise of human judgment.

(Source: InBusinessNews)